REVENUE

9 Months Ended

Jul. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

REVENUE

Contract Balances

    Contract assets (unbilled receivables) represent revenue recognized on contracts using an over-time recognition model in excess of amounts invoiced to the customer. Contract liabilities (deferred revenue) represent customer advances and billings in excess of revenue recognized and are included within accrued expenses and other current liabilities in the Company’s Condensed Consolidated Balance Sheets.    

    Changes in the Company’s contract assets and liabilities for the nine months ended July 31, 2021 are as follows (in thousands):

	July 31, 2021	October 31, 2020	Change
Contract assets	$62,400	$60,429	$1,971
Contract liabilities	26,693	25,631	1,062
Net contract assets	$35,707	$34,798	$909

The amount of revenue that the Company recognized during the nine and three months ended July 31, 2021 that was included in contract liabilities as of the beginning of fiscal 2021 was $17.8 million and $2.9 million, respectively.    

Remaining Performance Obligations

As of July 31, 2021, the Company had $408.7 million of remaining performance obligations associated with contracts with an original duration of greater than one year pertaining to the majority of the products offered by the ETG as well as certain products of the FSG's specialty products and aftermarket replacement parts product lines. The Company will recognize net sales as these obligations are satisfied. The Company expects to recognize $113.9 million of this amount during the remainder of fiscal 2021 and $294.8 million thereafter, of which the majority is expected to occur in fiscal 2022.

Disaggregation of Revenue

    The following table summarizes the Company’s net sales by product line for each operating segment (in thousands):

	Nine months ended July 31,		Three months ended July 31,
	2021	2020	2021	2020
Flight Support Group:
Aftermarket replacement parts (1)	$390,685	$412,088	$136,357	$102,629
Repair and overhaul parts and services (2)	147,709	154,517	54,591	32,601
Specialty products (3)	128,338	164,584	46,170	42,928
Total net sales	666,732	731,189	237,118	178,158
Electronic Technologies Group:
Electronic component parts primarily for defense, space and aerospace equipment (4)	521,586	494,864	176,238	165,189
Electronic component parts for equipment in various other industries (5)	184,596	143,421	63,305	45,730
Total net sales	706,182	638,285	239,543	210,919
Intersegment sales	(16,654)	(8,643)	(4,954)	(2,667)
Total consolidated net sales	$1,356,260	$1,360,831	$471,707	$386,410

(1)    Includes various jet engine and aircraft component replacement parts.

(2)    Includes primarily the sale of parts consumed in various repair and overhaul services on selected jet engine and aircraft components, avionics, instruments, composites and flight surfaces of commercial and military aircraft.

(3)    Includes primarily the sale of specialty components such as thermal insulation blankets, renewable/reusable insulation systems, advanced niche components, complex composite assemblies, and expanded foil mesh.

(4)    Includes various component parts such as electro-optical infrared simulation and test equipment, electro-optical laser products, electro-optical, microwave and other power equipment, high-speed interface products, power conversion products, underwater locator beacons, emergency locator transmission beacons, traveling wave tube amplifiers, microwave power modules, three-dimensional microelectronic and stacked memory products, crashworthy and ballistically self-sealing auxiliary fuel systems, radio frequency (RF) and microwave amplifiers, transmitters and receivers, high performance communications and electronic intercept receivers and tuners, high performance active antenna systems, and technical surveillance countermeasures (TSCM) equipment.

(5)    Includes various component parts such as electromagnetic and radio interference shielding, high voltage interconnection devices, high voltage advanced power electronics, harsh environment connectivity products, custom molded cable assemblies, silicone material for a variety of demanding applications and rugged small form-factor embedded computing solutions.

    The following table summarizes the Company’s net sales by industry for each operating segment (in thousands):

	Nine months ended July 31,		Three months ended July 31,
	2021	2020	2021	2020
Flight Support Group:
Aerospace	$473,470	$543,205	$175,388	$114,627
Defense and Space	162,196	157,664	51,898	53,269
Other (1)	31,066	30,320	9,832	10,262
Total net sales	666,732	731,189	237,118	178,158
Electronic Technologies Group:
Defense and Space	439,488	413,883	148,035	141,282
Other (2)	210,114	167,861	72,203	55,155
Aerospace	56,580	56,541	19,305	14,482
Total net sales	706,182	638,285	239,543	210,919
Intersegment sales	(16,654)	(8,643)	(4,954)	(2,667)
Total consolidated net sales	$1,356,260	$1,360,831	$471,707	$386,410

(1)    Principally industrial products.

(2)    Principally other electronics and medical products.